Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$5,964/mo
+$306/mo- Down payment
- $47,660
- Funds due
- $64,866
- Interest + MI left
- $1,046,314
- First ends
- Jun 2055
New loan
New conventional
$5,658/mo
Lowest payment- Down payment
- $81,500
- Funds due
- $96,104
- Interest + MI left
- $1,072,498
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | New conventional | |
|---|---|---|
| First mortgage | $767,340 | $733,500 |
| Second mortgage | — | — |
| First P&I | $5,064.25 | $4,968.98 |
| Second P&I | — | — |
| Mortgage insurance | $357.50 | $146.70 |
| Taxes, insurance & HOA | $542.67 | $542.67 |
| Total housing payment | $5,964.42 | $5,658.35 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$47,660
Closing costs & prepaids$17,206
Usable credit−$0
Total buyer cash needed$64,866
Earnest money paid−$0
Remaining funds due$64,866
Assumption fee$1,800.00
Credit report$250.00
UMe assumption specialist (1%)$8,150.00
Title & settlement$1,825.00
Recording fee$100.00
Home insurance (12 months up front)$2,600.00
Insurance escrow (3 months)$650.00
Property tax escrow (3 months)$978.00
Prepaid interest, first (6 days)$852.69
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 6 days of interest to the end of the closing month.
What is left to pay
The seller already paid down the early, interest-heavy years.
Remaining first mortgage at closing28 yr 6 moOf the original 30-year loan at 6.76%
Interest already paid$78,497Through Dec 2026
Assumption only · ends Jun 2055$1,046,314
New conventional · ends Jan 2057$1,072,498